Corebridge Financial (NYSE:CRBG) Rating Lowered to Sell at UBS Group

UBS Group downgraded shares of Corebridge Financial (NYSE:CRBG) from a buy rating to a sell rating in a research note published on Wednesday morning, Marketbeat Ratings reports. They currently have $28.00 price objective on the stock, down from their previous price objective of $40.00.

CRBG has been the topic of a number of other reports. Deutsche Bank Aktiengesellschaft upgraded Corebridge Financial from a “hold” rating to a “buy” rating and upped their price objective for the company from $33.00 to $40.00 in a research report on Friday, January 10th. BMO Capital Markets initiated coverage on Corebridge Financial in a research report on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 price target for the company. Morgan Stanley upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $35.00 to $43.00 in a research report on Friday, February 28th. Wells Fargo & Company raised their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. Finally, Piper Sandler upped their price target on shares of Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $37.00.

Corebridge Financial Trading Down 10.5 %

CRBG stock opened at $25.62 on Wednesday. The firm has a fifty day moving average price of $32.48 and a 200 day moving average price of $31.29. Corebridge Financial has a fifty-two week low of $23.97 and a fifty-two week high of $35.36. The firm has a market cap of $14.25 billion, a PE ratio of 6.78, a price-to-earnings-growth ratio of 0.43 and a beta of 0.92. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.13 and a current ratio of 0.13.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $1.23 EPS for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.04). Corebridge Financial had a return on equity of 22.69% and a net margin of 11.39%. Sell-side analysts anticipate that Corebridge Financial will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Monday, March 17th. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a yield of 3.75%. Corebridge Financial’s payout ratio is 25.40%.

Institutional Investors Weigh In On Corebridge Financial

Hedge funds have recently made changes to their positions in the company. EverSource Wealth Advisors LLC lifted its stake in Corebridge Financial by 25.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,642 shares of the company’s stock worth $49,000 after acquiring an additional 329 shares during the period. Whittier Trust Co. of Nevada Inc. raised its holdings in shares of Corebridge Financial by 58.4% in the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 1,147 shares of the company’s stock valued at $34,000 after purchasing an additional 423 shares in the last quarter. Smartleaf Asset Management LLC lifted its position in shares of Corebridge Financial by 112.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 907 shares of the company’s stock worth $27,000 after purchasing an additional 480 shares during the period. Sanctuary Advisors LLC boosted its stake in shares of Corebridge Financial by 3.1% during the fourth quarter. Sanctuary Advisors LLC now owns 22,182 shares of the company’s stock valued at $664,000 after purchasing an additional 660 shares in the last quarter. Finally, MetLife Investment Management LLC increased its holdings in Corebridge Financial by 16.0% during the fourth quarter. MetLife Investment Management LLC now owns 5,193 shares of the company’s stock valued at $155,000 after buying an additional 715 shares during the period. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

About Corebridge Financial

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. The company operates through Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments. The Individual Retirement segment provides fixed annuities, fixed index annuities, variable annuities, and retail mutual funds.